Sec 44ada it returns filed person outstanding ledger balance amount different debtor and creditor as on 31-03-21 show in books
1.cash loan from creditor rs:1 lacs
2.cash loan to debtor balance rs:1 lacs
Assess creditor ledger balance amount rs:1 lacs transferred to debtor balance account adjustment accounting entry passed in books.
Question:
Above transactions allowed in it act.